DANAOS CORPORATION

(DAC)
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Danaos : Corporate Presentation

08/03/2021 | 06:18am EDT

Investor Presentation

August 2021

Strictly Private and Confidential

Disclaimer

This presentation contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the outlook for fleet utilization and shipping rates, general industry conditions including bidding activity, future operating results of the Company's vessels, future operating revenues and cash flows, capital expenditures, vessel market values, asset sales, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, general market conditions, including charter rates and vessel values, counterparty performance under existing charters, changes in operating expenses, ability to obtain financing and comply with covenants in financing arrangements, including the terms of its new credit facilities and agreements entered into in connection with the refinancing, the affects of the refinancing transactions and the Company's ability to achieve the benefits of the refinancing, actions taken by regulatory authorities, potential liability from litigation and international political conditions. Danaos Corporation is listed in the New York Stock Exchange under the ticker symbol "DAC". Before you invest, you should also read the documents Danaos Corporation has filed with the SEC for more complete information about the company. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov or via www.danaos.com

Readers of this presentation should review our Annual Report on Form 20-F filed with the SEC on March 4, 2021, including the section entitled "Key Information - Risk Factors", and our other filings with the SEC for a discussion of factors and circumstances that could affect our future financial results and our ability to realize the expectations stated herein.

EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and Free Cash Flow may be included in our presentations. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and Free Cash Flow are presented because they are used by management and certain investors to measure a company's financial performance and underlying trends as they exclude certain items impacting overall comparability. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and Free Cash Flow are "non-GAAP financial measures" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. Reconciliations to GAAP measures are included in the Appendix to this presentation.

Certain shipping industry information, statistics and charts contained herein have been derived from industry sources. You are hereby advised that such information, statistics and charts have not been prepared specifically for inclusion in this presentation and the Company has not undertaken any independent investigation to confirm the accuracy or completeness of such information.

Business Highlights

Leading

  • Containership Owner
    • Operator

Strong Container

  • Vessel Demand &
    Supply Side
    Dynamics

Business Model

Provides Strong &

  • Stable Cash Flow
    Profile

Robust Capital

  • Structure & Conservative

Financial Strategy

  • Diverse & High
    Quality Fleet

Pioneers in

  • Digitalisation &
    Champion of ESG
    Principles

1

Key Business Highlights

  • Leading Containership
    Owner and Operator

Business Model Provides

  • Strong and Stable Cash
    Flow Profile
  • Diverse and High Quality Fleet

Pioneers in Digitization &

  • Longstanding Champion
    of ESG Principles

Healthy and Robust

  • Capital Structure and Conservative Financial Strategy

Strong Container Vessel

  • Demand & Supply Side
    Dynamics
  • One of the largest publicly-listed owners of modern containerships with 40+ year history in the shipping market
  • One of the most efficient operators in the industry with highly competitive breakeven levels
  • Charter backlog of $1.75 billion through to 20281 with world leading liner companies provides good cash flow visibility
  • Strong operating days contract coverage of 90% for the next 12 months limits downside risk and provides potential for further upside in the current market environment
  • Ownership of vessels, across all core segments from 2,100 TEU - 13,100 TEU to meet diverse set of customer needs
  • A leader in ship management innovation, through the award-winning WAVES data analytics platform
  • Danaos has met the IMO 2030 carbon intensity targets 11 years ahead of requirements, by achieving a 41.5% reduction in CO2 emissions per ton miles for year 2019 compared with base year 2008
  • Adjusted Net Debt / LTM EBITDA ratio of 3.1x and consistent reduction in leverage
  • Going forward financial covenants in line with conservative operating expectations
  • The transformation of the capital structure with the recently concluded refinancing will release significant net cash flow generation
  • A significant recovery in container trade in 2H 2021 is expected to continue, supporting demand for container vessels
  • Historically low order book in mid-size vessels and sustained reduction in idle capacity supports the recent increases in time charter rates.

2

(1) Contracted Revenue as of June 30, 2021, on the basis of concluded charter contracts through August 2, 2021. Includes Gemini vessels acquired in July 2021.

Danaos by the Numbers

$1.75bn

Contracted revenue through 2028 (1)

3.1x

Net Debt / LTM Adjusted EBITDA(3)

$366mn

LTM Adjusted EBITDA

$144

Net Asset Value per share (2)

~$2.5bn

Enterprise value(4)

~4.2x

Reduction in leverage since end 2017

  1. Contracted Revenue as of June 30, 2021 on the basis of concluded charter contracts through August 2, 2021. Includes Gemini vessels acquired in July 2021. (2) Please refer to appendix for additional details regarding calculation of Net 3 Asset Value (3) Net debt of $1,120mn and Adjusted EBITDA of $366mn as of June 30, 2021. (4) Enterprise value calculated using the July 30, 2021 market capitalization of ~$1,388mn ($67.39 price, 20.6mn shares).

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Danaos Corporation published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 09:57:56 UTC.


© Publicnow 2021
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Sales 2022 914 M - -
Net income 2022 444 M - -
Net Debt 2022 689 M - -
P/E ratio 2022 3,67x
Yield 2022 3,81%
Capitalization 1 691 M 1 691 M -
EV / Sales 2022 2,60x
EV / Sales 2023 1,90x
Nbr of Employees 4
Free-Float 9,39%
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Managers and Directors
John Coustas Chairman, President & Chief Executive Officer
Evangelos Chatzis Chief Financial Officer & Secretary
Dimitris Vastarouchas Technical Director & Deputy COO
Iraklis Prokopakis COO, Treasurer, Director & Senior Vice President
Myles R. Itkin Independent Director
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